Subprime Bloodletting Continues at Fitch

Business Editors NEW YORK–(BUSINESS WIRE)–March 1, 2004 The improving U.S. economy may already be beginning to rub off on the U.S. subprime credit card asset-backed securities (ABS) sector, according to the latest edition of ‘Credit Card Movers & Shakers’ by Fitch Ratings.

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Ses 7: Fixed-Income Securities IV  · Subprime ANL were at 7.80% in September, a 19% jump over August, while being 38% higher than a year earlier, according to Fitch. The rating agency continues to closely monitor prime and subprime auto ABS performance on an ongoing basis. Its auto ABS indexes track roughly $59 billion worth of prime and subprime auto-loan ABS.

In the prime sector, Fitch’s 60+ days delinquency index was unchanged at 0.71% in August over July, 20% above 2007 levels. ANL rose 22% in August over July driving losses 101% higher when compared to August 2007. The subprime auto ABS 60 days-or-more delinquency index was at 3.85% in August, 6% higher than July.

Fitch Learning says HR Leaders they interviewed noted that change in the workforce demographic is the top critical factor in the need to take action. Andreas Karaiskos the CEO of Fitch Learning joins CNBC Africa for more.

Fitch said estimates based on market prices of indexes such as the ABX and TABX indexes, based on subprime securities, showed that losses could be as high as $550 billion. ARTICLE CONTINUES BELOW.

The move comes as the bank has made a push into North Texas for a share of the area’s booming commercial lending business. Loans the bank made in Texas increased 27 percent from the third quarter of.

Despite further weakness anticipated, Fitch continues to have a stable outlook for prime and subprime auto ABS asset and ratings performance in 2016. ANL is expected to rise at or near the 1% and 10%.